This paper investigates the determinants of mutual fund portfolio manager ownership and its association with fund performance. Using hand-collected data of 1,420 U.S. equity funds from 32 fund families, we find that variations in fund manager holdings are broadly consistent with optimal contracting theory instead of the result of managers' personal investment consideration. Portfolio manager ownership is positively and significantly correlated with variables that proxy for intensity of agency conflicts. Specifically, portfolio managers hold more mutual fund shares when the size of concurrently managed hedge fund increases and when the advisor is affiliated to the bank. In addition, fund managers invest more in funds with primary investment in growth stock, non-index funds, and solo-managed funds. Regarding to the alternative governance mechanism, higher threat of dismissal for outsourced funds, stronger monitoring from institutional investors, and long-term performance based bonus work as substitutes of fund manager ownership while director ownership works as a compliment. Finally, we find little evidence supporting the notion that funds with higher portfolio manager ownership perform better.

Diss. Nr. 2944 Wirtschaftswiss. St. Gallen, 2004. / Literaturverz.

As energy cost and climate change become increasingly prevalent concerns in the planning world, more and more jurisdictions are creating energy efficiency and climate action plans. As of 2011, over 120 cities and counties around the United States had already completed climate action plans (Boswell, Greve, & Seale, 2012, p. 24). A major factor in reducing energy use, and subsequently greenhouse gas emissions, is in making buildings more energy efficient. According to the EPA, buildings account for 36 percent of overall energy use in the United States (U.S. Environmental Protection Agency, 2013). Although many of these plans set target energy reduction levels for buildings, the process for actually meeting these goal levels is often disorganized, cost-prohibited, and behind schedule. In order to meet energy reduction goals, a jurisdiction must first establish a system for tracking and monitoring energy use, pinpointing areas in needs of improvements, and sharing this information with decision makers. Energy Star’s Portfolio Manager benchmarking system provides a tool for public workers and building managers to meet these needs. The County of San Luis Obispo’s climate action and energy reduction plan, titled the EnergyWise Plan (2011), sets a goal for the County’s municipal buildings to reduce their energy use by 20 percent from 2006 levels by the year 2020 (pg. 171). This report uses the Portfolio Manager Tool to analyze the current energy use of the County’s municipal buildings, pinpointing the areas most in need of further examination in order to meet the EnergyWise Plan’s goal. The report concludes with an audit and retrofit implementation plan for the County’s top energy users, as well as a set of recommendations to improve the County’s overall energy use which include: 1. Organization and collaboration between departments should be encouraged, in order to more efficiently share data. 2. Yearly reports should be produced as a measure of progress towards meeting 2020 reduction levels. 3. Efforts should be focused on audits and retrofits of the twelve selected buildings first, followed by analysis and audits in the remaining County buildings. 4. The Public Protection Department’s energy use levels should be monitored and improved when feasible. 5. Those buildings that are Energy Star qualified should apply for certification. 6. The County should continue to seek funding sources for implementing audits and retrofits.

abstract: Among the various end-use sectors, the commercial sector is expected to have the second-largest increase in total primary energy consump¬tion from 2009 to 2035 (5.8 quadrillion Btu) with a growth rate of 1.1% per year, it is the fastest growing end-use sectors. In order to make major gains in reducing U.S. building energy use commercial sector buildings must be improved. Energy benchmarking of buildings gives the facility manager or the building owner a quick evaluation of energy use and the potential for energy savings. It is the process of comparing the energy performance of a building to standards and codes, to a set target performance or to a range of energy performance values of similar buildings in order to help assess opportunities for improvement. Commissioning of buildings is the process of ensuring that systems are designed, installed, functionally tested and capable of being operated and maintained according to the owner's operational needs. It is the first stage in the building upgrade process after it has been assessed using benchmarking tools. The staged approach accounts for the interactions among all the energy flows in a building and produces a systematic method for planning upgrades that increase energy savings. This research compares and analyzes selected benchmarking and retrocommissioning tools to validate their accuracy such that they could be used in the initial audit process of a building. The benchmarking study analyzes the Energy Use Intensities (EUIs) and Ratings assigned by Portfolio Manager and Oak Ridge National Laboratory (ORNL) Spreadsheets. The 90.1 Prototype models and Commercial Reference Building model for Large Office building type were used for this comparative analysis. A case-study building from the DOE - funded Energize Phoenix program was also benchmarked for its EUI and rating. The retrocommissioning study was conducted by modeling these prototype models and the case-study building in the Facility Energy Decision System (FEDS) tool to simulate their energy consumption and analyze the retrofits suggested by the tool. The results of the benchmarking study proved that a benchmarking tool could be used as a first step in the audit process, encouraging the building owner to conduct an energy audit and realize the energy savings potential. The retrocommissioning study established the validity of FEDS as an accurate tool to simulate a building for its energy performance using basic inputs and to accurately predict the energy savings achieved by the retrofits recommended on the basis of maximum LCC savings. / Dissertation/Thesis / M.S. Architecture 2011

Energy benchmarking and disclosure policies exist in several local and state governments to manage the energy consumption of existing buildings and encourage energy efficient retrofits and upgrades, yet little is known about whether these efforts have improved overall energy efficiency. The purpose of this repeated-measures study was to examine the influence of New York City's (NYC's) Benchmarking Law (LL84) on the energy performance of the city's existing commercial buildings through investigating whether the energy performance of the city's existing commercial buildings significantly improved after the implementation of this policy. The study was based on Ostrom's institutional analysis and development framework. Paired-sample t tests were performed to statistically analyze the annually disclosed energy benchmarking data for 1,072 of NYC's existing commercial buildings that were benchmarked in both 2011 and 2016. Compared to 2011, the study results revealed statistically significant improvements in the energy performance of NYC's commercial buildings by 2016. On average, their site energy use intensity (EUI) significantly reduced by 5%, source EUI significantly decreased by 10%, greenhouse gas emissions significantly dropped by 12%, and ENERGY STAR performance rating significantly improved by 5%. However, these improvements were primarily achieved in 2012, 1 year after the city's energy benchmarking data were publicly disclosed. Additional measures should be considered to maintain continuous energy savings and greenhouse gas mitigation patterns. Positive social change implications include the potential to promote energy-efficient upgrades and inspire the adoption of sustainable building concepts.

Submitted by Milton Baggio Carvalho (milton.baggio@yahoo.com) on 2012-06-20T17:25:14Z No. of bitstreams: 1 Milton Baggio - Melhores ideias.pdf: 1015228 bytes, checksum: d00d5b8c9bd9a672e9c81074bca0a365 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2012-06-20T18:38:39Z (GMT) No. of bitstreams: 1 Milton Baggio - Melhores ideias.pdf: 1015228 bytes, checksum: d00d5b8c9bd9a672e9c81074bca0a365 (MD5) / Made available in DSpace on 2012-07-10T20:17:47Z (GMT). No. of bitstreams: 1 Milton Baggio - Melhores ideias.pdf: 1015228 bytes, checksum: d00d5b8c9bd9a672e9c81074bca0a365 (MD5) Previous issue date: 2012-04-16 / I build a portfolio of stocks that Brazilian portfolio managers believe will have the best return. This portfolio outperforms the benchmark by 1.8% per month. These stocks are the stocks managers have ex ante the most conviction in, they are identified as each manager’s biggest overweight when comparing his portfolio to a benchmark. This excess return is statically and economically meaningful. This 'best idea' portfolio is built from the monthly holdings reported by Brazilian mutual funds to the Brazilian securities exchange commission from 2006 to 2011. / Nesta tese é construído um portfolio com as melhores ideias dos gestores de fundos de ações brasileiro. Este portfolio apresenta um retorno acima do mercado de 1,8% ao mês. As melhores ideias dos gestores são definidas como as ideias que os gestores têm a maior convicção ex ante e são identificadas como a maior posição de cada gestor relativa a um benchmark. Os retornos em excesso encontrados são estatisticamente e economicamente significantes e utilizam como base de dados a carteira mensal de fundos de ações brasileiros no período de janeiro 2006 a agosto 2011.

<p>Portfoliometodik är idag ett känt begrepp, likaså digital elevportfolio. Båda dessa begrepp, och en av de programvaror som främst är utvecklade för att vara en aktiv digital elevportfolio, har en central roll i den här studien. Portfolio Manager 2, som programmet i fråga heter, är utvecklat i Sverige av svenska pedagoger.</p><p>Studien har en kvantitativ ansats med enkäter som redskap. En köns- och specialpedagogisk betraktelsegrund fanns i studien, vilket också resulterade i nya pedagogiska rön.</p><p>Studien är utförd i 5 klasser på 2 olika svenska skolor i slöjd, där samtliga elever gick i åk 5.</p><p>Lärarenkäten var utformad så att den skulle kunna ge en bedömning av ”fenomenet” PM2 som helhet, då PM2 även innehåller verktyg av det mer administrativa slaget.</p><p>Studiens resultat bekräftar tidigare studier, dvs. att elevportfolio bidrar positivt till att stärka den pedagogiska lärandeprocessen. Ett nytt rön som framträder i studien, är att flickor i högre grad än pojkar i åk 5, inser portfoliometodikens betydelse för lärandeprocessen. Resultatet visar även att programvaran Portfolio Manager 2 är väl användaranpassat, både som redskap för digital elevportfolio och som ett läraradministrativt redskap.</p><p>Ämnet slöjd är inte ett primärt studieobjekt, men omskrivs kort i studien utifrån den ”överskottsinformation” enkäterna gav. Resultatet för slöjdämnet var positivt.</p><p>Titel: Portfolio som arbetsredskap i skolan - En studie kring portfolio och dataprogrammet Portfolio Manager 2.</p><p>Nivå: C uppsats</p><p>Författare: Lärare i Specialpedagogik, Mats Agnarson - Karlstad.</p><p>Handledare: Hugo Wikström, Karin Bengtsson – Karlstads Universitet.</p><p>Examinator: Anders Arnqvist – Karlstads Universitet</p> / <p>Portfolio methodology and digital portfolio for pupils are nowadays well known conceptions. These two things, just as one of the computer programmes developed in purpose to be an active digital portfolio for pupils, have an essential part of this study. Portfolio Manager 2, which is the name of the programme, is developed in Sweden, by Swedish pedagogues.</p><p>The study has a quantitative disposition, with questionnaires as instrument. A gender and special needs approach was part of the study, which resulted in new pedagogical experiences. The study was made at 2 different Swedish schools, in 5 classes in form 5. The subject was woodworks and textile craft. The teacher questionnaire was shaped in such a manner that it could provide a judgement of the “phenomena” PM2 as a unit, since PM2 also consists from tools of the more administrative kind.</p><p>The result of the study corroborates earlier studies, which was that the use of portfolio helps pupils in their learning process. The study also shows that girls in form 5, more than boys in the same age group, understand the connection between learning and portfolio methodology. Further more this examination points out that the software Portfolio Manager 2 is very user-friendly, both for pupils using digital portfolio as well as for teachers as an administrative tool.</p><p>The school subject woodworks and textile craft is not the primary object of the study, but is discussed in the text through the “excess information” from the questionnaires. The result regarding the school subject woodworks and textile craft was positive.</p><p>Title: Portfolio as a working tool in school – A study concerning portfolio and the computer programme Portfolio Manager 2</p><p>Level: C</p><p>Writer: Pedagogue Mats Agnarson – Karlstad</p><p>Supervisor: Hugo Wikström, Karin Bengtsson – Karlstads Universitet</p><p>Examinator: Anders Arnqvist – Karlstads Universitet</p>

Portfoliometodik är idag ett känt begrepp, likaså digital elevportfolio. Båda dessa begrepp, och en av de programvaror som främst är utvecklade för att vara en aktiv digital elevportfolio, har en central roll i den här studien. Portfolio Manager 2, som programmet i fråga heter, är utvecklat i Sverige av svenska pedagoger. Studien har en kvantitativ ansats med enkäter som redskap. En köns- och specialpedagogisk betraktelsegrund fanns i studien, vilket också resulterade i nya pedagogiska rön. Studien är utförd i 5 klasser på 2 olika svenska skolor i slöjd, där samtliga elever gick i åk 5. Lärarenkäten var utformad så att den skulle kunna ge en bedömning av ”fenomenet” PM2 som helhet, då PM2 även innehåller verktyg av det mer administrativa slaget. Studiens resultat bekräftar tidigare studier, dvs. att elevportfolio bidrar positivt till att stärka den pedagogiska lärandeprocessen. Ett nytt rön som framträder i studien, är att flickor i högre grad än pojkar i åk 5, inser portfoliometodikens betydelse för lärandeprocessen. Resultatet visar även att programvaran Portfolio Manager 2 är väl användaranpassat, både som redskap för digital elevportfolio och som ett läraradministrativt redskap. Ämnet slöjd är inte ett primärt studieobjekt, men omskrivs kort i studien utifrån den ”överskottsinformation” enkäterna gav. Resultatet för slöjdämnet var positivt. Titel: Portfolio som arbetsredskap i skolan - En studie kring portfolio och dataprogrammet Portfolio Manager 2. Nivå: C uppsats Författare: Lärare i Specialpedagogik, Mats Agnarson - Karlstad. Handledare: Hugo Wikström, Karin Bengtsson – Karlstads Universitet. Examinator: Anders Arnqvist – Karlstads Universitet / Portfolio methodology and digital portfolio for pupils are nowadays well known conceptions. These two things, just as one of the computer programmes developed in purpose to be an active digital portfolio for pupils, have an essential part of this study. Portfolio Manager 2, which is the name of the programme, is developed in Sweden, by Swedish pedagogues. The study has a quantitative disposition, with questionnaires as instrument. A gender and special needs approach was part of the study, which resulted in new pedagogical experiences. The study was made at 2 different Swedish schools, in 5 classes in form 5. The subject was woodworks and textile craft. The teacher questionnaire was shaped in such a manner that it could provide a judgement of the “phenomena” PM2 as a unit, since PM2 also consists from tools of the more administrative kind. The result of the study corroborates earlier studies, which was that the use of portfolio helps pupils in their learning process. The study also shows that girls in form 5, more than boys in the same age group, understand the connection between learning and portfolio methodology. Further more this examination points out that the software Portfolio Manager 2 is very user-friendly, both for pupils using digital portfolio as well as for teachers as an administrative tool. The school subject woodworks and textile craft is not the primary object of the study, but is discussed in the text through the “excess information” from the questionnaires. The result regarding the school subject woodworks and textile craft was positive. Title: Portfolio as a working tool in school – A study concerning portfolio and the computer programme Portfolio Manager 2 Level: C Writer: Pedagogue Mats Agnarson – Karlstad Supervisor: Hugo Wikström, Karin Bengtsson – Karlstads Universitet Examinator: Anders Arnqvist – Karlstads Universitet